We expect ATHEX to consolidate at current levels
Today’s Headlines
· Brussels approves Greek budget plan
· Press reports on extra tax on systemic banks are not valid-Government spokesman
· Fourlis 9M24 results out
· KRI KRI 9M24 results out
· SunriseMezz is trading ex-capital today
· PhoenixVega Mezz is trading ex-capital today
· Jumbo Share buyback
Macro Headlines
Brussels approves Greek budget plan
According to Kathimerini, the European Commission has given a positive evaluation of Greece’s 2025 budget plan and medium-term fiscal strategy. As a reminder, the draft budget for 2025e has been already submitted in the Greek parliament, will be discussed from 11th December and is expected to be approved on 15 December.
Sector Headlines
Press reports on extra tax on systemic banks are not valid-Government spokesman
Reportedly (newmoney), the government’s spokesman stated that press reports about the imposition of an extra tax on systemic banks’ profits are not valid, but also cited that the government is scrutinizing all the tools, so that banks can adapt to the needs of the citizens.
Company Headlines
Fourlis 9M24 results out
Fourlis posted a strong set of results, with total revenues up by 4.6% YoY to EUR 407.6m, with revenue growth across all business units. EBITDA of the group reached EUR 44.4m, up by 10.9% YoY with margin improvement to 10.9% vs. 8.1 in 9M23 on the back of group’s competitive advantage in its supply chain. Finally, net profit jumped by 129.1% YoY to EUR 12.0m, doubling the respective margin to 2.9%. Management stated that the operating cash flow generation enables the group to follow its expansionary plan while also committed that will further reduce Net debt of the retail business from EUR 86.3m (vs. EUR c. 94m in FY23).
KRI KRI 9M24 results out
The company posted its results, with revenue up by 17.4% YoY to EUR 204.5m with yogurt segment total sales increase by 16.3% in value and 19.7% in volume terms (yogurt exports up by 29.9% YoY, while exports reached 62.2% of total sales). EBITDA of the group reached EUR 43.7m, up by 5.2% YoY, while net profit increased by 20.4% YoY to EUR 36.4m. Finally, the company has planned investments of EUR 50.0m for the next 3 years to further enhance its productivity.
SunriseMezz is trading ex-capital today
The stock is trading ex-capital return today (EUR: 0.0504/share, Yield: 16.3%) and payment will commence on 03 December.
PhoenixVega Mezz is trading ex-capital today
The stock will trade ex-capital return today (EUR: 0.0128/share, Yield: 14.3%) and payment will commence on 03 December.
Jumbo Share buyback
The company announced that it purchased on 25 November, 32,000 own shares at an average price of EUR 24.6975. The company now holds 515,663 shares or 0.38% of the total share capital.
Calendar of Events
Macros
28/11/24 | Building Activity AUG (ELSTAT) & Economic Sentiment Indicator NOV
29/11/24 | Turnover Index in Retail Trade SEP (ELSTAT), Producer Price Index in Industry OCT (ELSTAT) & Unemployment Rate OCT (ELSTAT)
02/12/24 | S&P Global Greece Manufacturing PMI NOV (09:00 UTC)
06/12/24 | 3Q:24 GDP (provisional data) (ELSTAT)
06/12/24 | Scope Ratings – Greek sovereign credit review
3Q/9M24 Results Release
29/11/24 | GEK TERNA (Bef-mkt), TERNA Energy (Bef-mkt)
12/12/24 | Attica Bank
EGM / AGM
09/12/24 | Alumil (EGM)
10/12/24 | Cairo Mezz Plc (EGM)
12/12/24 | Ble Kedros (EGM), Attica Holdings (EGM)
13/12/24 | Real Consulting (EGM)
16/12/24 | AS Company (EGM)
24/12/24 | MED (EGM)
Ex-Dividend
02/12/24 | CNL Capital (interim dividend EUR 0.25)
16/12/24 | Trade Estates (interim dividend EUR 0.047706)
23/12/24 | Motor Oil (interim dividend EUR 0.30)
20/01/25 | HELLENiQ ENERGY (interim dividend EUR 0.20)
23/01/25 | Thrace Plastics (interim dividend EUR 0.0685848289)
Ex-Capital Return
27/11/24 | SunriseMezz Plc (EUR 0.0504)
27/11/24 | Phoenix Vega Mezz Plc (EUR 0.0128)
Warrants – Attica Bank
08/11/24-28/11/24 | Exercise Period
04/12/24 | Commencement of trading of the warrant exercise shares
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